LAFAYETTE, La. and METAIRIE, La., June 18,
2015 /PRNewswire/ -- Home Bancorp, Inc. (NASDAQ: HBCP)
("Home Bancorp"), the holding company of the 106-year-old Home
Bank, N.A., and Louisiana Bancorp, Inc. (NASDAQ: LABC) ("Louisiana
Bancorp"), the holding company of the 105-year-old Bank of
New Orleans ("BNO"), jointly
announced today the signing of a definitive agreement under which
Home Bancorp will acquire Louisiana Bancorp for an aggregate deal
value of $74.5 million. Under
the terms of the agreement, shareholders of Louisiana Bancorp will
receive $24.25 per share in cash upon
completion of the merger.
BNO currently operates four branches in the Greater New Orleans area. As of
March 31, 2015, Louisiana Bancorp had
assets of $331 million, $275 million in loans and $201 million in deposits. The combined
company will have assets of approximately $1.5 billion, $1.2
billion in loans and $1.2
billion in deposits. Under the terms of the agreement,
BNO will be merged with and into Home Bank promptly following the
completion of the holding company merger.
"As a native of New Orleans, it
gives me great pleasure to further Home Bank's investment in and
commitment to my hometown through the merger of these two
100-year-old institutions," said John W.
Bordelon, President and Chief Executive Officer of Home
Bancorp. "Bank of New Orleans has
an exceptional customer base. We are confident the enhanced
products and services we offer will allow us to deepen those valued
relationships."
"I've admired the way Home Bank does business for many years,"
said Lawrence J. LeBon, III,
President and Chief Executive Officer of Louisiana Bancorp.
"They treat their customers and employees the way we always have –
like family. This merger will help us improve the customer
experience, and it provides a great return for our
investors."
The merger agreement was unanimously approved by the boards of
directors of both companies. The transaction is expected to
close in the fourth quarter of 2015, subject to customary closing
conditions, including regulatory approvals and Louisiana Bancorp
shareholder approval.
Home Bancorp anticipates this transaction will be accretive to
earnings per share in the first full year of combined operations
and accretive to tangible book value per share within approximately
3.5 years of closing. Following the merger, Home Bank's
capital position is expected to remain strong with leverage and
total risk-based capital ratios above 8.6% and 12.7%, respectively.
Home Bancorp does not anticipate a need for additional
capital to complete the transaction.
Raymond James & Associates,
Inc. acted as financial advisor to Home Bancorp and Silver,
Freedman, Taff & Tiernan LLP acted as its legal advisor in the
transaction. Sandler O'Neill & Partners L.P. acted as
financial advisor to Louisiana Bancorp and Phelps Dunbar, LLP acted as its legal advisor in
the transaction.
A presentation with additional information regarding the
transaction will be available in the Investor Relations section of
the Company's website at www.home24bank.com.
About Home Bancorp
Home Bancorp is a Louisiana
corporation that became the holding company for Home Bank in
October 2008 upon Home Bank's mutual
to stock conversion. Home Bank, N.A. is a national bank which
was originally organized in 1908 and is headquartered in
Lafayette, Louisiana. Home
Bank currently conducts business through 27 banking locations in
the Greater Lafayette,
Baton Rouge, Greater New Orleans and Northshore (of Lake
Pontchartrain) regions of south Louisiana and the Natchez and Vicksburg regions of west Mississippi.
About Louisiana Bancorp
Louisiana Bancorp is a Louisiana corporation that became the holding
company for BNO in July 2007 upon
BNO's mutual to stock conversion. BNO is a federally
chartered savings bank which was originally organized in 1909 and
is headquartered in Metairie,
Louisiana. BNO currently operates out of its headquarters and
three traditional bank branches located in the Greater New Orleans, Louisiana area.
This news release contains certain forward‑looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward‑looking statements do not relate strictly to historical or
current facts. Forward-looking statements reflect
management's current views and estimates of future economic
circumstances, industry conditions, company performance and
financial results. They often include the words "believe,"
"expect," "anticipate," "intend," "plan," "estimate" or words of
similar meaning, or future or conditional verbs such as "will,"
"would," "should," "could" or "may." Forward‑looking
statements, by their nature, are subject to risks and
uncertainties. A number of factors ‑ many of which are beyond
our control ‑ could cause actual conditions, events or results to
differ significantly from those described in the forward‑looking
statements. Forward-looking statements regarding the
transaction are based upon currently available
information.
Actual results could differ materially from those indicated
in forward-looking statements. Among other factors, actual
results may differ from those described in forward-looking
statements due to: the possibility that the proposed
transaction does not close when expected or at all because required
regulatory, shareholder or other approvals and other conditions to
closing are not received or satisfied on a timely basis or at all;
the terms of the proposed transaction may need to be modified to
obtain such approvals or satisfy such conditions; the anticipated
benefits from the proposed transaction are not realized in the time
frame anticipated or at all as a result of changes in general
economic and market conditions, interest rates, laws and
regulations and their enforcement, and the degree of competition in
our markets; the ability to promptly and effectively integrate the
businesses of the companies; the reaction of the companies'
customers to the transaction; diversion of management time on
merger-related issues; changes in asset quality and credit risk;
the inability to sustain revenue and earnings; and competitive
conditions.
Additional Information About the Home Bancorp/Louisiana Bancorp
Transaction:
Louisiana Bancorp will file a proxy statement and other relevant
documents concerning the proposed merger with the United States
Securities and Exchange Commission (the "SEC"). This
release does not constitute a solicitation of any vote or
approval. BEFORE MAKING ANY VOTING DECISION, WE URGE
INVESTORS TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND
ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE
MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT HOME BANCORP,
LOUISIANA BANCORP AND THE PROPOSED
MERGER. When available, the proxy statement will be
delivered to shareholders of Louisiana Bancorp.
Investors will be able to obtain these documents free of charge
at the SEC's Web site (www.sec.gov). In addition, documents filed
with the SEC by Louisiana Bancorp, Inc. will be available free of
charge by sending a written request to John
P. LeBlanc, Chief Financial Officer, 1600 Veterans Memorial
Boulevard, Metairie, Louisiana
70005 or by phone at 504-834-1190.
Louisiana Bancorp and its directors, executive officers and
certain other members of management and employees may be deemed
"participants" in the solicitation of proxies from shareholders of
Louisiana Bancorp in favor of the merger. Information regarding the
persons who may, under the rules of the SEC, be considered
participants in the solicitation of the shareholders of Louisiana
Bancorp in connection with the proposed merger will be set forth in
the proxy statement when it is filed with the SEC. You can find
information about Louisiana Bancorp's executive officers and
directors in its definitive proxy statement for its 2015 annual
meeting of shareholders filed with the SEC on April 8, 2015.
Home Bancorp's and Louisiana Bancorp's Annual Reports on Form
10-K and other reports filed with the SEC describe some additional
factors which could cause actual conditions, events or results to
differ significantly from those described in forward-looking
statements.
Forward-looking statements speak only as of the date they are
made. Copies of the companies' reports filed with the SEC are
available in the Investor Relations section of the companies'
websites, www.home24bank.com and www.bankofneworleans.com. We do
not undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made or to reflect the occurrence of
unanticipated events.
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SOURCE Home Bancorp, Inc.